The financial sector was the big winner at last night's FN Awards for Excellence in Institutional Pensions, UK, with two banks taking home the major prizes and two insurers sharing the scheme governance award.

The prize for Pension Scheme of the Year went to HSBC, for its generous and well-run defined-contribution scheme, and the communications effort it has made to promote it to its staff.

Santander took home the award for Scheme Sponsor of the Year, after agreeing to keep its defined-benefit scheme open for the next few years, despite the financial challenges this presents for banks hit by strict new capital regulations.

Insurers Aviva and Legal & General shared the gong for Best Pension Scheme Governance, after a rare tie in the voting. And in other categories, the Cheviot Trust, a multi-employer scheme for the legal sector, took home the award for Best DC Plan Design, while the winner of the Best De-Risking Strategy was the BT Pension Scheme.

The Marks & Spencer Pension Scheme was named Best Member Communications, after launching a new website and electronic communications drive.